Gainfront Inc., the company that helps global enterprises automate and streamline their supplier lifecycle management challenges, announced the release of its EfficiencyAI suite that leverages Generative AI to enable global corporations to accomplish unprecedented efficiency in their operations in areas of supplier management, contract management, strategic sourcing, spend and order management, and supplier diversity and ESG.
“We heard from many of our customers, industry experts, and procurement and supply chain professionals about their frustrations with prevailing solutions and their need to drive continuous efficiency gains and profitability in their operations,” said Gainfront Founder and CEO, Hetal Mehta. “Gainfront’s EfficiencyAI suite brings innovative and sophisticated Supplier Lifecycle Management solutions to global corporations and delivers extraordinary value that isn’t possible with other solutions in the marketplace.”
In a recent customer survey, Gainfront found that the primary objective of companies restructuring their supplier ecosystem is to eradicate errors and waste, attain real-time reporting and management, expedite cycle times, and significantly bolster their competitive position.
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The EfficiencyAI suite uses advanced Generative AI technologies to enable critical operations:
- Supplier Discovery: EfficiencyAI revolutionizes the process of identifying suitable suppliers, traditionally reliant on manual analysis of unstructured data from websites, marketing materials, and various documents, by harnessing the power of domain-trained large language models (LLMs).
- Supplier Risk and Compliance Management: Managing supplier risk requires real-time updates on events that may negatively impact supplier performance, such as severe weather, regulatory failures, or financial challenges. Gainfront‘s EfficiencyAI simplifies this by continuously monitoring, reporting, and enabling action on media and compliance reports for critical supplier risk events and criteria.
- Strategic Sourcing: Manual spreadsheets, emails, and phone calls can lead to inefficiencies and errors in strategic sourcing processes. EfficiencyAI revolutionizes this process by digitizing strategic sourcing, thereby eliminating the reliance on outdated tools and automating the generation of RFx documents to meet specific sourcing requirements.
- Contracts Management: EfficiencyAI revolutionizes contract management by leveraging OCR and AI to automatically extract crucial metadata from contracts, including key terms, obligations, and expiration dates. This innovative approach also streamlines workflows by automating renewal notifications and deadline-tracking tasks, enhancing operational efficiency.
- Spend and Order Management: EfficiencyAI addresses the challenge of product nomenclature to identify and match identical products with disparate names across purchase records, thereby aggregating purchase quantities across entities and unlocking volume discount opportunities.
- Supplier Diversity and ESG: EfficiencyAI leverages Generative AI to identify, track, and evaluate diverse suppliers based on various criteria, including location, certifications, and industry, while continuously monitoring supplier and regulatory information to facilitate compliance with ESG and CSR standards.
Source: PRNewswire